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Resolution
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(d) Purchase of credit if less than 8 years of creditable service. A member may purchase
service credit in the Legislative Pension Plan so that the amount of the creditable service of the
member aggregates not more than 8 years if the member:
(1) Has less than 8 years of creditable service in the Legislative Pension Plan; and
(2) Pays to the Board of Trustees an amount equal to the sum of:
(i) 5% of the annual salary payable to a legislator during the years of service
to be purchased; and
(ii) The contributions payable by the State with respect to the salary of a
legislator during the years of service to be purchased.
7. Service retirement allowance - No service prior to January 1, 1971.
(a) Application of section. This section applies only to a member who has no creditable
service before January 1,1971.
(b) Eligibility for retirement. Except as provided in subsection (c) of this section, a member
may retire if on or before the date of retirement, the member:
(1) Is not currently serving in the General Assembly;
(2) Has at least 8 years of creditable service;
(3) Has attained age 60; and
(4) Completes and submits an application for retirement to the Board of Trustees
stating the date on which the member desires to retire.
(c) Exception for member who joins the Judges' Retirement System. A member who resigns
from the General Assembly prior to the expiration of the member's term of office to accept a position
requiring membership in the Judges' Retirement System is entitled to a retirement allowance under
this Item 3 A regardless of years of service.
(d) Service retirement allowance - In general. Except as provided in subsection (e) of this
section, on retirement, a member shall receive a service retirement allowance equal to 3% of the
salary payable to a current legislator in the General Assembly multiplied times the number of years
of creditable service of the member, but in no event shall the retirement allowance exceed two-thirds
of the salary payable to a current legislator in the General Assembly.
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(e) Same - Eligible presiding officer. If the member served as an eligible presiding officer,
the Board of Trustees shall use the salary payable to the current presiding officer to calculate the
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6078
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